ASSESSMENT OF THE INFLUENCE OF THE STRUCTURE OF HUMAN AND PHYSICAL CAPITALS ON COMPETITIVENESS AND QUALITY OF ECONOMIC GROWTH OF THE RUSSIAN REGIONS WITH RESOURCE ECONOMY UNDER CONDITIONS OF THE GLOBAL TRANSITION TO KNOWLEDGE ECONOMY

Abstract

Assessment of the influence of fundamental factors of the knowledge economy development that have a specific refraction at the subregional level and assessment of the impact of the existing structure of human and physical capital in the resource regions of Russia on the scale of economic growth in the context of transition to the postindustrial information society and knowledge economy are carried out in the research paper. Intensive industrial development, primarily based on the increase of the scope of natural resources consumption, placed physical capital above the human one. As a result, human capital has long been regarded as one of the quantitative factors of production, along with the inanimate forms of physical capital. At present, the impact of human abilities and knowledge on economic development both within the national economy and within the framework of the national subregions’ development is growing rapidly. In the context of the knowledge economy, national or regional human capital is considered as a part of the region’s innovative labor resources. The key idea of the research paper lies in the fact that the approach to assessing the window of opportunities for the regions with resource economy to retain competitiveness and to ensure economic growth primarily through the development of human capital under the conditions of the global transformational transition to the knowledge economy is considered. To ensure the comparability of human and physical capital measurement, their cost estimation is applied. In this study, the macroeconomic assessment of the value of human capital in the region is based on the discount approach to calculating the value of human capital, taking into account the given rate of return on national wealth.